Alternative Fuel Vehicle Market Forecast: Robust 15.25% CAGR through {2029}
The global alternative fuel vehicle (AFV) market is experiencing significant growth, driven by increasing environmental consciousness, government policies, and advancements in technology. According to a report by TechSci Research, the market was valued at USD 358.21 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 15.25% during the forecast period, 2025-2029. This report explores the dynamics of the AFV market, focusing on its key drivers, technological advancements, challenges, and regional trends. Key Drivers of Alternative Fuel Vehicle Market Growth Environmental Awareness and Emission Regulations: The rising awareness of environmental issues and the need to reduce greenhouse gas emissions have been pivotal in driving the AFV market. Governments worldwide are implementing stringent emission standards and promoting sustainable transportation solutions. This has led to an increased demand for vehicles power...